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Halifax has created a new savings account to help bankroll projects proposed for its downtown zones.

The city used to set aside one million dollars a year for a recently-paid off parking garage on Granville Street. That money will now go into a brand new reserve account, which council approved on Tuesday as part of its new budget.

The funding will be available to projects on the Halifax peninsula and downtown Dartmouth, said Chief Administrative Officer Richard Butts.

"It's about parking initiatives and downtown investments," he said.

The first funding request was made before council had even finished voting on the proposal. It was for $50,000 to help set up a free Wi-Fi zone in downtown Dartmouth. An official with the local business commission said a developer plans to help with the project, which would cost about $180,000.